how to save money

12 practical ways to save money this year

They say money can’t buy happiness. Come to think of it, isn’t happiness a temporary emotion? Joy is deeper, more consuming, in my point of view. Therefore, if money can make you temporarily feel good, money can buy happiness. I’m really not going to argue about this, lol.  Everyone needs money, It’s a necessity. If you’ve never lacked anything in your life before, this wouldn’t mean a thing to you, otherwise, you’ll learn how beneficial it is to save money or budget, especially if you’re the sole breadwinner of your family.

Having a budget is not only about putting pen and paper together to come out with schedules and figures. These plans are actually the aftermath of a thought process.

Reasons why managing your finances is prudent.

  • An expanding family means more mouths to feed

  • Saving to be a homeowner

  • Buy a car for personal or commercial use or

  • Building a legacy for your generations yet unborn

  • Saving to get some start-up capital for your intended business/ dream job. Need top advice for African Startups here.

  • Pay for your education or other short courses

  • Pay your debts

  • You’re on the verge of bankruptcy

  • You’ve been a spendthrift, so you’d like to turn on a new leaf. Cultivate a new habit.

  • You never meet your budget; fluctuations

There’s no better time than to sacrifice today’s pleasure for tomorrow’s gain. Are you willing to pay the price to save money?


Let’s now consider these 12 money-saving tips

  1. Save before you spend

Money has wings; it flies. The more you chase after it, the more it leads you on. Do you want to control money or do you want it to control you?

I believe in paying tithes; 1/10th of your income or any profit you make. No matter how small it is, sacrificing it to God yields much. In the physical, the more you give, the more you lose. This is not so with tithing, especially when it’s given cheerfully. If you look closely, this principle is used worldwide, and it yields results. Sacrificing the little you may have now for a better future. Try this and you’ll realise it works! Without this, your money keeps diminishing.

  1. Pay yourself before you spend no matter how small it is.

Don’t set very high targets for yourself from the beginning. You might disappoint yourself.

  1. Separate your necessities from your luxuries.

Don’t spend at the rate at which you make money. Read Also: The 30-day rule

  1. Discipline yourself the practical way

If it’s hard to limit expenditure on your momo account, unlink it from your bank account. You can keep a specified amount of money on it for the month through a vendor. Use standing orders if you must; before you know it, you’d have gathered a lump sum.

  1. Use “trotro” instead of Bolt or Uber.

The baby girl and fine boy treatment does not have to be every day. Sometimes even taking taxis are cheaper. If you have an office bus pass by your stop, don’t miss it. Weigh your options.

  1. Don’t put all your eggs in one basket.

You can open another account for different purposes either in the same bank or a different one. From experience, I’ll advise you to properly do your background checks before signing on to any bank policy or package. Remember the Banking crisis in Ghana between August 2017 and January 2020?

  1. Be careful of get-rich-quick ventures

  2. Take advantage of “reduce to clear” sales, Black Friday sales and foods that are cheap in certain seasons (buy in bulk)

  3. Keep extra money you earn or that you received as a gift, or if you must, use it in place of withdrawing from your main account.

  4. Check your monthly subscriptions and cancel those you don’t need anymore.

  5. DIY

Fix broken stuff at home yourself. With Google and YouTube, you can learn anything. Learn what you must and do it yourself if possible. If not, you’ll definitely know if you’re being overcharged for something so simple when you hire someone to do it for you.

  1. Have friends who are spendthrifts or “wannabees” (show-offs while they have nothing) always go shopping, go to some other place at that time.

The best way to stop a habit is to replace it with a good one. Hang out with people who know how to save money but not at the expense of their lives. Before you buy anything, pause for 30 days to know if you really need it. This is called the 30-day rule. Get someone trustworthy to be accountable to.

How can I save money daily?

  1. Home-cooked food is healthier and less costly.

One option is, to take brunch, hang on for a while, and take supper when you get home. However, I never miss breakfast because I believe it is the most important meal of the day; I’d rather have an early supper after that.

  1. Keep water bottles; filled with water of course.

You can keep the one litre of water with you, either by brands like Bel Aqua or Voltic, or buy a durable water bottle to keep you hydrated during working hours. You can also drink from the water containers at work as is popularly echoed on the streets in Ghana, “Ketewa biara nsua” meaning “no amount is too small”.

  1. Join the office bus to and from work daily.

Wake up earlier, if you must get to the bus stop in time for the bus or board a “trotro”. Keep the extra Bolt or Uber transport fare for use during an emergency. If you drive, joining the bus is not a death sentence. You can decide to be mobile maybe once or twice a week to save money on fuel; limit leisurely spins; walking shorter distances is good exercise.

  1. Get a “susu” box/piggy bank.

You can get yourself a “susu” box or piggy bank, keep it safe and save any amount you receive as a gift or the remaining money after paying the bus fare. Discipline yourself to keep it till a month, a quarter, or a year before breaking it and you’ll be surprised at how far you can go.

Keeping a piggy bank

5. Bundle your data and buy airtime weekly or monthly.

This might be a little difficult to manage, but it’s cheaper. Do you realise how much you spend on data and airtime? Probably not. Try keeping tabs this week and see.  Put your data off when it’s not in use; people should learn to reach you by calling if it’s urgent. Use your devices at your convenience, don’t be controlled by them.

How much should I save each month?

The percentage of money you should save each month solely depends on you. 5% of one person’s income is another person’s entire salary, so it’s better to go by percentages here. After taxes have been deducted and 10% paid as tithe, save a reasonable percentage. This might also depend on the purpose for which you’re saving and the time it’ll take to get that amount.

Read Also: How to calculate PAYE 

Let’s do a little calculation, assuming every month has 31 days.

Amount saved daily (GH¢) Amount saved by the end of the month (GH¢) Amount saved by the end of the year thus, 365 days (GH¢)
20 620 7,300
50 1,550 18,250
100 3,100 36,500
150 4,650 54, 750
200 6,200 73,000
250 7,750 91,250
300 9, 300 109,500
350 10, 850 127,750
400 12, 400 146,000
450 13, 950 164,250
500 15,500 182,500

Table showing how to save money this year

If you want to save money monthly, you can still calculate it by multiplying the amount you intend to save each month by 12 to get the total amount for the year.

Little drops of water……

How to budget as a student

You’re free to practice any of the points above to help you budget as a student. However, there’s more to learn here than managing finances. I would not advise using a piggy bank in school because it could easily be stolen. Are you having a hard time studying or you’re not happy with your course of study? Read all about it here.

Whether you’re a student, petty trader, government worker, entrepreneur or retiree, the place of money cannot be overemphasized. Without it, life is hard and dreams chatter. Millions of people even die of hunger and thirst, even in the presence of love. Couples, families and society fight each other because they lack knowledge on managing finances or ways to save money. So remember, “)d) kakra, sika kakra”  meaning “a little love, a little money”.



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A believer, freelance writer, and kingdom blogger. I believe in bringing out the best in who God has made you be.


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